In the world of online gambling, 888 Holdings recently announced a 10% revenue decline for the third quarter of 2023, totaling £157.2 million compared to £174.4 million in Q3 2022. This dip is primarily attributed to reductions in both betting and gaming revenue, with betting revenue falling by 17% to £54.4 million and gaming revenue dropping by 5% to £102.8 million. Additionally, 888 reported a 10% decrease in sportsbook stakes, which amounted to £607 million in Q3 2023, down from £674.5 million in the same period last year. Despite these challenges, the company expects to see growth in active players.
Q3 2023 Performance:
888 Holdings reported a 10% decrease in revenue for Q3 2023, marking a total of £157.2 million. Betting revenue took a significant hit, dropping 17% to £54.4 million, while gaming revenue experienced a 5% decline, totaling £102.8 million. The decline also extended to sportsbook stakes, which saw a 10% fall, with stakes amounting to £607 million in Q3 2023.
Growing Active Players:
In the face of revenue challenges, 888 anticipates a 17% rise in active players, projecting a total of 1,186 active players in Q3 2023, up from 1,014 in Q3 2022. This increase in player engagement is seen as a positive sign, suggesting that 888’s efforts to attract and retain players are bearing fruit.
Year-to-Date Revenue:
When considering the year-to-date performance, 888 Holdings’ revenue for 2023 is down by 10% compared to the same period in 2022. The company reported a total revenue of £493 million, a decline from the £545.2 million recorded in 2022. The most substantial reduction occurred in the gaming revenue division, which experienced an 11% decrease, amounting to £302.4 million. The betting division also reported a 7% decline, with revenue totaling £190.6 million.
New CEO’s Perspective:
The recent announcement comes shortly after the appointment of Per Widerström as the new CEO of 888 Holdings. Speaking about his new role, Widerström expressed his excitement and optimism for the company’s future. He noted the group’s assets and potential, despite regulatory challenges. Widerström highlighted the hard work and positive momentum demonstrated by the team and emphasized 888’s strong foundation for profitable growth. He also acknowledged areas for improvement and outlined his commitment to working with the talented executive team and the board to maximize value creation and unlock the company’s full potential.
888 Holdings’ Q3 2023 revenue decline highlights the challenges in the online gambling industry. However, the company’s focus on attracting more active players is a positive indicator for future growth. The newly appointed CEO, Per Widerström, brings a vision for unlocking the company’s potential and driving value creation. With a commitment to addressing areas for improvement, 888 Holdings looks to navigate regulatory challenges and position itself for a prosperous future in the ever-evolving world of online gambling.